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IOTA's Shimmer Network Receives First Genesis NFT Collection

Mon, 11/22/2021 - 16:00
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Arman Shirinyan
IOTA's Shimmer Network has received its first NFT collection with rarity arguments and staking boosts
IOTA's Shimmer Network Receives First Genesis NFT Collection
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After the introduction of the Shimmer network developers sandbox and its native SMR token on the IOTA blockchain, the first use case of the network appears as a Genesis NFT collection consisting of 11,111 non-fungible tokens.

The NFT collection will be available in limited amounts with various tiers that include Gold, Silver and Bronze. In addition to the rareness of each token, they will contain exclusive perks tied to the development of the whole ecosystem.

The functionality of tokens is designed to reward early adopters that provide growth to the ecosystem. Each NFT will become a tool for fueling the ecosystem's growth rate.

Earnings from the sale will be used to fund the development of Decentralized Autonomous Organizations inside the IOTA and Shimmer ecosystems, which will accelerate the growth and proper development of the two systems. The key actor in this scheme will be the IOTA community, which has been creating the perfect conditions for the rapid development and exponential growth of the ecosystem.

Staking rewards of the Shimmer staging network have not been unlocked yet, and they will not be until the Shimmer community decides to do so by community voting. In addition to the function itself, the community will have to decide the distribution scheme.

If the community votes on giving a 15% boost to Genesis Gold NFTs, staking rewards for Shimmer network supports will be increased by 15%. By owning one Gold NFT, you will receive an individual reward increase of 30%.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.